Thursday, July 25, 2024

MahaRERA Implements Three-Tier Audit System for Housing Projects

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to implement a robust three-tier audit system for housing projects, aimed at ensuring seamless compliance from developers and eliminating complaints from homebuyers.

Under this new mechanism, all project registration applications will undergo comprehensive scrutiny at three different levels—legal, financial, and technical. Independent teams specializing in each domain will conduct thorough evaluations to identify and address potential issues.

MahaRERA’s objective with this initiative is to guarantee the timely completion of projects without any obstacles, ultimately leading to zero complaints from homebuyers. The scrutiny process will assess applications for potential challenges that could impede the project or pose risks of non-completion.

Ajoy Mehta, Chairman of MahaRERA, emphasized the importance of adhering to legal, financial, and technical parameters to obtain MahaRERA registration numbers. He stated that this approach is part of MahaRERA’s commitment to empowering homebuyers and ensuring the successful completion of real estate projects.

The three-tiered system aims to conduct a comprehensive and stringent verification of every project, minimizing the likelihood of projects facing financial or operational difficulties. If a registration application fails to meet MahaRERA’s benchmarks, no registration number will be issued until all specified criteria are fulfilled, providing an added layer of protection for homebuyers’ investments.

To facilitate a smooth transition to the new mechanism, MahaRERA organized a workshop to guide developers and address any queries they may have. The workshop was attended by representatives from all developers’ Self-Regulatory Organizations (SROs) affiliated with MahaRERA, with virtual participation from developers or their representatives.

MahaRERA has also disseminated a detailed online presentation covering various aspects of the new mechanism to over 20,000 developers across Maharashtra, ensuring widespread awareness and understanding within the real estate community.

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